the worm has turned

As the fortunes of billion-dollar companies like Evernote have fizzled, however, so has their shareholders’ enthusiasm. Says the cofounder of one secondary shop who asked not to be named, “We aren’t seeing huge discounts yet in the top 10 names, but people are trying to dump them. It’s not just one person calling you about a particular company. It’s four.”

Says another secondary investor, who also asked not to be identified for this story, “We’re seeing an enormous uptick in inbound selling interest.”

The situation is changing so quickly that several people with whom we spoke say a number of new characters are now peddling shares of so-called “A List” companies whose shares would have been beyond nearly anyone’s reach six months ago. “We’re seeing a lot of sketchy people advertising these deals,” says one insider.

Add this to the anecdotal pile. The fever has broken. That’s why these private shares are now being made available to wealth managers at Morgan Stanley and Goldman Sachs. I overheard a few bragging about their “access” to “hot startups” at Zuma the other night. I never chime in, just sip my Casamigos Reposado and smile.